Taiwan's Wei family has agreed to buy China Network Systems (CNS), the nation's biggest cable TV operator, for about $2.4 billion including debt from private equity firm MBK Partners, a person with direct knowledge of the matter told Reuters on Sunday.
Local buyout funds like MBK Partners and Vogo Fund are now leading the domestic buyout market in South Korea just nearly a decade after its first private equity fund was established in the country, the Financial Times reported.
Financial data from Mergermarket indicated an increasing influence of local buyout firms in South Korea, thanks largely to the support of the national government by relaxing regulations, a Financial Times report said.
Asian buyout firm PAG has committed $250 million in theme park operator Universal Studios Japan. The said fund will be used to develop a new Harry Potter attraction and expand into other parts of Asia.
The following bids, mergers, acquisitions and disposals were reported on Wednesday, including Fortum, National Vision, Saipem, CTT, MTS, Southern Pacific, Warrnambool, Verbund, Bakkafrost, Popular and Marathon Oil.
South Korea's Financial Services Commission on Wednesday cleared MBK Partners' $1.75 billion acquisition of ING Groep's Korean insurer. MBK bought 8.2 million shares in ING Life Korea.
South Korea is exiting from the country's second-biggest non-performing loan manager Woori F&I Co. Ltd. At least three bidders including MBK Partners, KB Financial Group and Daishin Securities will place their final bids for the bad-loan unit.
A source disclosed to Reuters that a sale of Techpack Solutions Co Ltd could fetch over KRW432 billion or USD407 million.
CNS announced that it is applying for a debt financing program ahead of its IPO in Singapore.
Private equity fund MBK Partners has expressed interest in acquiring ING Groep NV's South Korean insurance unit
Two Asia buyout firms tap investors for up to $4.25 bln in funds.
News and developments in Asia private equity from Reuters News for the week ending Aug. 17.
Private equity fund MBK Partners will pay 1.2 trillion won ($1.1 billion) for a stake in South Korean water purifier maker Woongjin Coway Co
Shareholders in South Korea's Hi-Mart Co Ltd (071840.KS) have rejected a request by private equity fund MBK Partners to extend its exclusive negotiating rights to a majority stake in the electronics retailer.
News and developments in Asia private equity from Reuters News for the week ending June 29.
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